Were the reported CACC share sale prices single trades or averages?

The filing explains that several reported per-share prices are weighted averages. Footnotes state the underlying shares were sold in multiple transactions within specified price ranges, and the insider undertakes to provide detailed trade breakdowns upon request.

CACC legal chief exercises options, sells 5,720 shares

Credit Acceptance Corp’s Chief Legal Officer Erin J. Kerber reported a mix of option exercises and share sales in company common stock on June 26, 2026.

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Rhea-AI Filing Summary

Credit Acceptance Corp’s Chief Legal Officer Erin J. Kerber reported a mix of option exercises and share sales in company common stock on June 26, 2026. She exercised options for a total of 5,720 shares at exercise prices of $454.11 and $333.94 per share.

On the same date, she sold 5,720 shares in a series of open-market transactions at prices between $625.37 and $634.57 per share. The filing also notes 243 shares held indirectly through the company’s 401(k) Profit Sharing Plan and Trust.

Insider Trade Summary 10b5-1

Exercise and Sale: 5,720 shares ($1.30M approx. pre-tax spread)

Exercise and Sale 13 txns

Insider KERBER ERIN J

Role Chief Legal Officer

Sold 5,720 shs ($3.60M)

Approx. gross sale proceeds $3.60M

Approx. exercise cost $2.31M

Approx. pre-tax spread $1.30M

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy)	2,417	$0.00	$0.00
Exercise	Employee Stock Option (right to buy)	3,303	$0.00	$0.00
Exercise	Common Stock	2,417	$333.94	$807K
Exercise	Common Stock	3,303	$454.11	$1.50M
Sale	Common Stock	397	$625.37	$248K
Sale	Common Stock	581	$627.12	$364K
Sale	Common Stock	785	$627.71	$493K
Sale	Common Stock	1,269	$628.93	$798K
Sale	Common Stock	305	$629.83	$192K
Sale	Common Stock	1,000	$631.49	$631K
Sale	Common Stock	1,143	$632.63	$723K
Sale	Common Stock	240	$634.57	$152K
holding	Common Stock	--	--	--

Holdings After Transaction: Employee Stock Option (right to buy) — 5,500 contracts (Direct); Common Stock — 25,710.7 shares (Direct); Common Stock — 243 shares (Indirect, By 401(k) Trust)

Footnotes (9)

F1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $625.00 to $625.94, inclusive. The reporting person undertakes to provide to Credit Acceptance Corporation, any security holder of Credit Acceptance Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in the footnotes to this Form 4.
F2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $626.43 to $627.23, inclusive.
F3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $627.46 to $628.26, inclusive.
F4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $628.48 to $629.33, inclusive.
F5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $629.50 to $630.00, inclusive.
F6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $630.99 to $631.98, inclusive.
F7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $632.11 to $633.11, inclusive.
F8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $634.32 to $634.84, inclusive.
F9. Held in the Credit Acceptance Stock Fund of the Credit Acceptance Corporation 401(k) Profit Sharing Plan and Trust as of June 24, 2026, according to the Plan trustee.

Key Figures

Shares sold: 5,720 shares Sale price range (examples): $625.37–$634.57/share Options exercised at $454.11: 3,303 shares +5 more

8 metrics

Shares sold 5,720 shares Total open-market sales of common stock on June 26, 2026

Sale price range (examples) $625.37–$634.57/share Reported weighted-average prices for sale transactions

Options exercised at $454.11 3,303 shares Employee stock options exercised into common stock

Options exercised at $333.94 2,417 shares Employee stock options exercised into common stock

Total shares from option exercises 5,720 shares Non-derivative acquisitions via option exercise on June 26, 2026

Indirect 401(k) holdings 243 shares Shares held in Credit Acceptance 401(k) Stock Fund as of June 24, 2026

Exercise price (higher grant) $454.11/share Conversion price for 3,303-share employee stock option

Exercise price (lower grant) $333.94/share Conversion price for 2,417-share employee stock option

Key Terms

open-market sale, Employee Stock Option (right to buy), derivative exercise/conversion, weighted average price, +1 more

5 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Employee Stock Option (right to buy) financial

"security_title": "Employee Stock Option (right to buy)""

derivative exercise/conversion financial

"transaction_action": "derivative exercise/conversion""

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did CACC’s Chief Legal Officer report on this Form 4?

Erin J. Kerber reported exercising employee stock options for 5,720 Credit Acceptance Corp common shares and selling 5,720 shares in open-market transactions on June 26, 2026, according to the Form 4 filing’s transaction summary and detail lines.

How many Credit Acceptance (CACC) shares did the insider sell and at what prices?

The Form 4 shows open-market sales totaling 5,720 Credit Acceptance common shares. Reported weighted-average sale prices for individual blocks ranged from $625.37 to $634.57 per share, with additional footnotes noting narrower price ranges within those transactions.

What stock options did the CACC insider exercise in this filing?

Erin J. Kerber exercised employee stock options covering 3,303 shares at a $454.11 exercise price and 2,417 shares at a $333.94 exercise price, converting those derivative positions into Credit Acceptance common stock on June 26, 2026, as reflected in the non-derivative and derivative tables.

Does the CACC insider hold any shares through a retirement plan?

Yes. A footnote states 243 Credit Acceptance common shares are held in the Credit Acceptance Stock Fund of the company’s 401(k) Profit Sharing Plan and Trust as of June 24, 2026, with the shares reported as indirect ownership through the plan trustee.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/30/2026 - 04:06 PM EDT

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

KERBER ERIN J

(Last)

(First)

(Middle)

25505 WEST TWELVE MILE ROAD

(Street)

SOUTHFIELD

MICHIGAN

48034

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CREDIT ACCEPTANCE CORP [ CACC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Legal Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/26/2026		M		2,417	A	$333.94	28,127.7	D
Common Stock	06/26/2026		M		3,303	A	$454.11	31,430.7	D
Common Stock	06/26/2026		S		397	D	$625.37⁽¹⁾	31,033.7	D
Common Stock	06/26/2026		S		581	D	$627.12⁽²⁾	30,452.7	D
Common Stock	06/26/2026		S		785	D	$627.71⁽³⁾	29,667.7	D
Common Stock	06/26/2026		S		1,269	D	$628.93⁽⁴⁾	28,398.7	D
Common Stock	06/26/2026		S		305	D	$629.83⁽⁵⁾	28,093.7	D
Common Stock	06/26/2026		S		1,000	D	$631.49⁽⁶⁾	27,093.7	D
Common Stock	06/26/2026		S		1,143	D	$632.63⁽⁷⁾	25,950.7	D
Common Stock	06/26/2026		S		240	D	$634.57⁽⁸⁾	25,710.7	D
Common Stock								243	I	By 401(k) Trust⁽⁹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$333.94	06/26/2026		M			2,417	12/30/2024	12/30/2026	Common Stock	2,417	$0	0	D
Employee Stock Option (right to buy)	$454.11	06/26/2026		M			3,303	06/28/2025	06/28/2027	Common Stock	3,303	$0	5,500	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $625.00 to $625.94, inclusive. The reporting person undertakes to provide to Credit Acceptance Corporation, any security holder of Credit Acceptance Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in the footnotes to this Form 4.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $626.43 to $627.23, inclusive.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $627.46 to $628.26, inclusive.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $628.48 to $629.33, inclusive.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $629.50 to $630.00, inclusive.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $630.99 to $631.98, inclusive.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $632.11 to $633.11, inclusive.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $634.32 to $634.84, inclusive.

9. Held in the Credit Acceptance Stock Fund of the Credit Acceptance Corporation 401(k) Profit Sharing Plan and Trust as of June 24, 2026, according to the Plan trustee.

Remarks:

	/s/ Erin J. Kerber	06/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR